time warner inc (TWX:New York)

Executive Profile*

Background*

Mr. Franklin D. Raines, Frank, served as Chief Executive Officer of Fannie Mae (formerly, Federal National Mortgage Association Fannie Mae) from January 1, 1999 to December 21, 2004. Mr. Raines served as Chief Executive Officer—Designate of Fannie Mae from May 1998 to December 1998. He was with Lazard Freres & Company for 11 years where he served as a General Partner. He served as the President's key negotiator in the talks that led to passage of the bipartisan Balanced ... Budget Act of 1997. He serves as Chairman of Fannie Mae Foundation. He served as Chairman of the Board of University of Puget Soundz. He served President of the Board of Overseers of Harvard University. Mr. Raines serves as the Executive Chairman at XappMedia, Inc. He served as Chairman of Fannie Mae from January 1999 to December 2004 and its Vice Chairman of the Board from September 1991 to September 1996. He joined Fannie Mae in July 1991 as Vice Chairman-Designate. He serves as Director of Revolution Money Inc., Revolution Health Group, Exclusive Resorts LLC, Serve Virtual Enterprises, Inc. and Extend Benefits Group, LLC. He also serves on the Boards of The Enterprise Foundation and the National Urban League. He serves as Member of the board of directors of AOL is an Overseer for TIAA-CREF. He serves as Member of the Council at National Museum of African American History and Culture. He served as Director of Pfizer Inc. from October 1998 to April 28, 2005 and also from 1993 to 1996. He served as Director of Pepsico Inc., since 1999 and Historic TW, Inc., since January 2001. He served as Director of Time Warner Inc., (formerly, AOL Time Warner Inc.) from 2001 to May 21, 2004. Mr. Raines served as Director of Fannie Mae from 1998 to December 21, 2004. He served as a Director of Extend Health, Inc. He was the Member of the Board of Directors and Trustee-Emeritus of University of Puget Soundz. He was elected a Fellow of the American Academy of Arts and Sciences, and is a Member of The Business Council, The Business Roundtable, the Trilateral Commission, the National Academy of Social Insurance, and the Council on Foreign Relations. Mr. Raines served as Director of the United States Office of Management and Budget from September 1996 to May 1998. He served as a member of the President's Cabinet since May 20, 1998. He was the first OMB Director in a generation to balance the federal budget. From 1977 to 1979, he served as Associate Director for Economics and Government in the Office of Management and Budget and Assistant Director of the White House Domestic Policy Staff. He also served in the Cabinet of President Bill Clinton from 1996 to 1998 as the Director of the Office of Management and Budget, during which time he led negotiations with Congress that resulted in the first balanced federal budget in thirty years. He served as Chairman of the Visiting Committee of the Harvard Kennedy School of Government. Mr. Raines graduated magna cum laude with a B.A. Degree from Harvard College. He received his J.D. degree cum laude from Harvard Law School. He also attended Magdalen College, Oxford University as a Rhodes Scholar.

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